Rotork keeps full year guidance despite lower order book

13th Nov 2015 07:12

(ShareCast News) - Industrial valve maker Rotork said orders were down 17% in the third quarter due to the slowdown in the oil sector, but was maintaining its full year guidance with revenue in the range of £530m-£555m and adjusted operating profit of £120m-£130m at current exchange rates.Third quarter revenue was down 18%, while cumulative order intake in the 10 months to 25 October was 12.5% lower. Rotork said its order book was £185m, a fall of 13.3% compared with the same point last year.The company said its trading environment "has remained challenging across most of our key markets and geographies". "Although our quote activity has remained encouraging, the timing of order placement and product delivery remains difficult to forecast," Rotork added."We continue to implement our previously announced cost management initiatives and we are on track to achieve the savings indicated at the time of our half year results."